What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-06-08 compared with 2026-03-11 · 89 added, 97 removed, 629 unchanged (23% of the section changed)

3 unchanged sentences

(in thousands, except for share and per share amounts, unaudited)

ASSETS January 31,

ASSETS April 30,

2026 July 31,

1 unchanged sentence

Cash and cash equivalents $ 62,941 $ 50,458

Accounts receivable, net of allowances of $ 1,375 and $ 1,493 at January 31, 2026 and July 31, 2025, respectively

Accounts receivable, net of allowances of $ 1,065 and $ 1,493 at April 30, 2026 and July 31, 2025, respectively

75,772 69,370

4 unchanged sentences

Goodwill 16,017 16,017

Trademarks, trade names and patents, net of accumulated amortization of $ 731 and $ 693 at January 31, 2026 and July 31, 2025, respectively

Customer list, net of accumulated amortization of $ 9,842 and $ 9,278 at January 31, 2026 and July 31, 2025, respectively

Trademarks, trade names and patents, net of accumulated amortization of $ 724 and $ 693 at April 30, 2026 and July 31, 2025, respectively

Customer list, net of accumulated amortization of $ 10,124 and $ 9,278 at April 30, 2026 and July 31, 2025, respectively

18,061 18,907

8 unchanged sentences

(in thousands, except for share and per share amounts, unaudited)

LIABILITIES & STOCKHOLDERS’ EQUITY January 31,

LIABILITIES & STOCKHOLDERS’ EQUITY April 30,

2026 July 31,

7 unchanged sentences

Noncurrent Liabilities

Long-term debt, net of unamortized debt issuance costs of $ 163 and $ 183 at January 31, 2026 and July 31, 2025, respectively

Long-term debt, net of unamortized debt issuance costs of $ 153 and $ 183 at April 30, 2026 and July 31, 2025, respectively

38,847 38,817

6 unchanged sentences

Stockholders’ Equity

Common Stock, par value $ .10 per share, issued 15,338,761 shares at January 31, 2026

Common Stock, par value $ .10 per share, issued 15,349,661 shares at April 30, 2026

and 15,276,261 shares at July 31, 2025

Class B Stock, par value $ .10 per share, issued 4,650,484 shares at January 31, 2026

Class B Stock, par value $ .10 per share, issued 4,650,484 shares at April 30, 2026

and 4,650,484 shares at July 31, 2025

3 unchanged sentences

Less Treasury Stock, at cost ( 5,095,266 Common and 416,544 Class B shares at

January 31, 2026 and 4,902,881 Common and 380,628 Class B shares at July 31, 2025)

April 30, 2026 and 4,902,881 Common and 380,628 Class B shares at July 31, 2025)

( 100,213 ) ( 87,540 )

5 unchanged sentences

(in thousands, except for share and per share amounts, unaudited)

For the Six Months Ended January 31,

For the Nine Months Ended April 30,

Net Sales $ 364,552 $ 360,360

28 unchanged sentences

(in thousands, unaudited)

For the Six Months Ended January 31,

Net Income $ 28,025 $ 29,297

For the Nine Months Ended April 30,

Net Income Attributable to Oil-Dri $ 42,551 $ 40,941

Other Comprehensive Income (Loss):

7 unchanged sentences

(in thousands, except for share amounts, unaudited)

For the Three Months Ended January 31,

For the Three Months Ended April 30,

Net Sales $ 126,329 $ 115,501

7 unchanged sentences

Other, net 969 770

Total Other Income (Expense), Net

121 ( 1,222 )

Total Other Income, Net 818 344

Income Before Income Taxes 17,911 14,248

1 unchanged sentence

Net Income 14,526 11,644

Net Income Per Share

Earnings Per Share

Basic Common $ 1.08 $ 0.86

17 unchanged sentences

(in thousands, unaudited)

For the Three Months Ended January 31,

For the Three Months Ended April 30,

Net Income Attributable to Oil-Dri

4 unchanged sentences

Cumulative translation adjustment ( 78 ) 214

Other Comprehensive Income (Loss)

Other Comprehensive (Loss) Income ( 99 ) 190

Total Comprehensive Income

4 unchanged sentences

(in thousands, except for share amounts, unaudited)

For the Three Months Ended January 31

For the Three Months Ended April 30

Number of Shares

Stock Treasury

Common & Class B Stock Treasury

Stock Additional

4 unchanged sentences

Stockholders’

Balance, October 31, 2024 19,865,970 ( 5,270,270 ) $ 1,986 $ 61,755 $ 246,525 $ ( 87,001 ) $ 727 $ 223,992

Balance, January 31, 2025 19,866,445 ( 5,275,972 ) $ 1,987 $ 63,195 $ 257,349 $ ( 87,232 ) $ 561 $ 235,860

Net Income — — — — 11,644 — — 11,644

Other Comprehensive Loss — — — — — — ( 166 ) ( 166 )

Other Comprehensive Income — — — — — — 190 190

Dividends Declared — — — — ( 2,104 ) — — ( 2,104 )

2 unchanged sentences

Amortization of Restricted Stock — — — 1,338 — — — 1,338

Balance, April 30, 2025 19,919,745 ( 5,277,917 ) $ 1,992 $ 64,536 $ 266,889 $ ( 87,309 ) $ 751 $ 246,859

Balance, January 31, 2026 19,989,245 ( 5,506,829 ) $ 1,999 $ 68,980 $ 300,343 $ ( 99,947 ) $ 1,075 $ 272,450

Balance, October 31, 2025 19,978,445 ( 5,401,248 ) $ 1,998 $ 67,597 $ 290,523 $ ( 94,516 ) $ 925 $ 266,527

Net Income — — — — 14,526 — — 14,526

Other Comprehensive Income — — — — — — 150 150

Other Comprehensive Loss — — — — — — ( 99 ) ( 99 )

Dividends Declared — — — — ( 2,750 ) — — ( 2,750 )

2 unchanged sentences

Amortization of Restricted Stock — — — 1,272 — — — 1,272

Balance, January 31, 2026 19,989,245 ( 5,506,829 ) $ 1,999 $ 68,980 $ 300,343 $ ( 99,947 ) $ 1,075 $ 272,450

For the Six Months Ended January 31

Balance, April 30, 2026 20,000,145 ( 5,511,810 ) $ 2,000 $ 70,344 $ 312,119 $ ( 100,213 ) $ 976 $ 285,226

For the Nine Months Ended April 30

Number of Shares

7 unchanged sentences

Amortization of Restricted Stock — — — 3,880 — — — 3,880

Balance, January 31, 2025 19,866,445 ( 5,275,972 ) $ 1,987 $ 63,195 $ 257,349 $ ( 87,232 ) $ 561 $ 235,860

Balance, April 30, 2025 19,919,745 ( 5,277,917 ) $ 1,992 $ 64,536 $ 266,889 $ ( 87,309 ) $ 751 $ 246,859

Balance, July 31, 2025 19,926,745 ( 5,283,509 ) $ 1,993 $ 66,138 $ 277,500 $ ( 87,540 ) $ 969 $ 259,060

5 unchanged sentences

Amortization of Restricted Stock — — — 4,077 — — — 4,077

Balance, January 31, 2026 19,989,245 ( 5,506,829 ) $ 1,999 $ 68,980 $ 300,343 $ ( 99,947 ) $ 1,075 $ 272,450

Balance, April 30, 2026 20,000,145 ( 5,511,810 ) $ 2,000 $ 70,344 $ 312,119 $ ( 100,213 ) $ 976 $ 285,226

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

2 unchanged sentences

(in thousands, unaudited)

For the Six Months Ended January 31,

For the Nine Months Ended April 30,

CASH FLOWS FROM OPERATING ACTIVITIES 2026 2025

22 unchanged sentences

Capital expenditures ( 20,918 ) ( 24,483 )

Proceeds from sale of property, plant and equipment — 89

Acquisition of a business — ( 115 )

Dispositions of short-term investments 312 —

Net Cash Used in Investing Activities ( 20,606 ) ( 24,509 )

5 unchanged sentences

Effect of exchange rate changes on cash and cash equivalents 44 38

Net Decrease in Cash and Cash Equivalents ( 3,525 ) ( 1,892 )

Net Increase in Cash and Cash Equivalents 12,483 11,994

Cash, Cash Equivalents and Restricted Cash, Beginning of Period

5 unchanged sentences

(in thousands, unaudited)

For the Six Months Ended January 31,

For the Nine Months Ended April 30,

Supplemental disclosures:

26 unchanged sentences

The unaudited Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair presentation of the statements contained herein.

Operating results for the three and six months ended January 31, 2026, are not necessarily an indication of the results that may be expected for the fiscal year ending July 31, 2026.

On October 9, 2024, we announced that our Board of Directors (our "Board") approved a two -for-one stock split in the form of a stock dividend.

Stockholders of record as of the close of business on December 20, 2024 received a distribution of one additional share of Common Stock, par value $ 0.10 per share ("Common Stock"), for each share of Common Stock held by such stockholder and one additional share of Class B Stock, par value $ 0.10 per share ("Class B Stock"), for each share of Class B Stock held by such stockholder as of the record date.

The additional shares were distributed on January 3, 2025, and our Common Stock began trading on a post-split basis on January 6, 2025.

The stock split did not affect the par value of the Common Stock or Class B Stock, however, in order to implement the stock split, we amended our Certificate of Incorporation on December 11, 2024 to increase the number of authorized shares of Common Stock from 15 million to 30 million.

Proportionate adjustments were made to the number of shares that remain available for issuance pursuant to the Amended and Restated Oil-Dri Corporation of America 2006 Long Term Incentive Plan, as amended (the "2006 Plan"), as well as to the outstanding awards under the 2006 Plan.

Unless noted, all Common Stock and Class B Stock share and per share amounts contained in the unaudited Condensed Consolidated Financial Statements have been retroactively adjusted, where applicable, to reflect the stock split.

The impact on the unaudited Condensed Consolidated Balance Sheet and unaudited Condensed Consolidated Statements of Stockholders' Equity herein was an increase of $ 0.8 million to Common Stock and Class B Stock, with an offsetting decrease in Additional Paid-In-Capital, which has been retroactively adjusted as if the stock split had occurred at the beginning of the earliest period presented.

The change in treasury shares reflects the stock split on shares held by wholly owned subsidiaries which are presented as treasury shares on a consolidated basis.

Operating results for the three and nine months ended April 30, 2026, are not necessarily an indication of the results that may be expected for the fiscal year ending July 31, 2026.

Management Use of Estimates

14 unchanged sentences

We also include an allowance for expected cash discounts to be taken by our customers.

Accounts receivable was $ 70.2 million, $ 69.4 million, and $ 62.2 million as of January 31, 2026, July 31, 2025, and July 31, 2024, respectively.

Accounts receivable was $ 75.8 million, $ 69.4 million, and $ 62.2 million as of April 30, 2026, July 31, 2025, and July 31, 2024, respectively.

Property, Plant and Equipment.

5 unchanged sentences

We take into consideration idle and underutilized equipment and review business plans for possible impairment.

When impairment is indicated, an impairment charge is recorded for the difference between the carrying value of the asset and its fair market value.

When impairment is indicated, an

impairment charge is recorded for the difference between the carrying value of the asset and its fair market value.

The composition of property, plant and equipment is as follows (in thousands):

44 unchanged sentences

Sales returns are not material nor are warranties or any related obligations.

We have an unconditional right to consideration under the payment terms specified in the contracts upon completion of the

performance obligation.

We have an unconditional right to consideration under the payment terms specified in the contracts upon completion of the performance obligation.

We may require certain customers to provide payment in advance of product shipment.

We recorded a

liability for these advance payments of $ 0.3 million as of January 31, 2026 and July 31, 2025.

We recorded a liability for these advance payments of $ 0.6 million as of April 30, 2026 and $ 0.3 million as of July 31, 2025.

This liability is reported in Other within Accrued Expenses on the unaudited Condensed Consolidated Balance Sheet.

There was $ 0.3 million revenue recognized during the six months ended January 31, 2026, that was included in the liability for advance payments at the beginning of the period.

There was $ 0.3 million revenue recognized during the nine months ended April 30, 2026, that was included in the liability for advance payments at the beginning of the period.

We routinely commit to one-time or ongoing trade promotion programs directly with consumers, such as coupon programs, and also with customers, such as volume discounts, cooperative marketing and other arrangements.

8 unchanged sentences

Current liabilities are due to be paid within the next 12 months.

Other noncurrent liabilities on the unaudited Condensed Consolidated Balance Sheet include $ 6.0 million and $ 5.9 million for the reclamation liability as of January 31, 2026, and July 31, 2025, respectively, and $ 1.7 million and $ 1.6 million for the postretirement health benefit as of January 31, 2026 and July 31, 2025, respectively.

Other noncurrent liabilities on the unaudited Condensed Consolidated Balance Sheet include $ 6.1 million and $ 5.9 million for the reclamation liability as of April 30, 2026, and July 31, 2025, respectively, and $ 1.7 million and $ 1.6 million for the postretirement health benefit as of April 30, 2026 and July 31, 2025, respectively.

New Accounting Pronouncements and Regulations.

14 unchanged sentences

Early adoption is permitted.

We are currently evaluating the impact that the adoption of this guidance will have on our disclosures.

We plan to adopt this amendment as of July 31, 2026.

We do not expect the amendment to have a material impact on the Company's consolidated financial statement disclosures.

In November 2024, the FASB issued ASU No.

7 unchanged sentences

ASU 2025-05 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2025, with early adoption permitted.

We do not expect the amendments to have a material impact on the Company's consolidated financial statement disclosures, however we will continue to assess through the adoption period.

We do not expect the amendment to have a material impact on the Company's consolidated financial statement disclosures, however we will continue to assess through the adoption period.

In September 2025, the FASB issued ASU 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40):

7 unchanged sentences

ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, including interim periods within those years, with early adoption permitted.

Given the nature of our existing government-related arrangements, we do not expect the amendments to have a material impact on the Company's consolidated financial statement disclosures, however we will continue to assess through the adoption period.

Given the nature of our existing government-related arrangements, we do not expect the amendment to have a material impact on the Company's consolidated financial statement disclosures, however we will continue to assess through the adoption period.

In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270):

24 unchanged sentences

Below is a reconciliation of the calculation of basic and diluted EPS.

For the Six Months Ended January 31, 2026 For the Six Months Ended January 31, 2025

For the Nine Months Ended April 30, 2026 For the Nine Months Ended April 30, 2025

(in thousands, except for per share data) (in thousands, except for per share data)

13 unchanged sentences

Diluted EPS $ 2.93 $ 2.37 $ 2.81 $ 2.28

(1) The impact of 288,083 unvested shares of Common Stock and 139,276 unvested shares of Class B Stock were anti-dilutive therefore not included in the calculation of diluted EPS for the six months ended January 31, 2026.

The impact of 254,192 unvested shares of Common Stock and 116,949 unvested shares of Class B Stock were anti-dilutive, and therefore not included in the calculation of diluted EPS for the six months ended January 31, 2025.

For the Three Months Ended January 31, 2026 For the Three Months Ended January 31, 2025

(1) The impact of 281,219 unvested shares of Common Stock and 135,090 unvested shares of Class B Stock were anti-dilutive therefore not included in the calculation of diluted EPS for the nine months ended April 30, 2026.

The impact of 259,469 unvested shares of Common Stock and 124,187 unvested shares of Class B Stock were anti-dilutive, and therefore not included in the calculation of diluted EPS for the nine months ended April 30, 2025.

For the Three Months Ended April 30, 2026 For the Three Months Ended April 30, 2025

(in thousands, except for per share data) (in thousands, except for per share data)

13 unchanged sentences

Diluted EPS $ 1.00 $ 0.81 $ 0.80 $ 0.65

(1) The impact of 245,326 unvested shares of Common Stock and 103,461 unvested shares of Class B Stock were anti-dilutive therefore not included in the calculation of diluted EPS for the three months ended January 31, 2026.

The impact of 250,151 unvested shares of Common Stock and 105,024 unvested shares of Class B Stock were anti-dilutive, and therefore not included in the calculation of diluted EPS for the three months ended January 31, 2025.

(1) The impact of 267,018 unvested shares of Common Stock and 125,345 unvested shares of Class B Stock were anti-dilutive therefore not included in the calculation of diluted EPS for the three months ended April 30, 2026.

The impact of 268,920 unvested shares of Common Stock and 132,528 unvested shares of Class B Stock were anti-dilutive, and therefore not included in the calculation of diluted EPS for the three months ended April 30, 2025.

The composition of inventories is as follows (in thousands):

6 unchanged sentences

Inventory costs include the cost of raw materials, packaging supplies, labor, and other overhead costs.

The Company maintains reserves against inventory to reduce the

carrying value to the expected net realizable value.

The Company maintains reserves against inventory to reduce the carrying value to the expected net realizable value.

These reserves are based upon a combination of factors including historical issues and market trends.

Inventory reserves were $ 3.9 million as of January 31, 2026 and $ 3.7 million as of July 31, 2025.

Inventory reserves were $ 3.8 million as of April 30, 2026 and $ 3.7 million as of July 31, 2025.

FAIR VALUE MEASUREMENTS

7 unchanged sentences

These cash instruments are primarily money market funds and are included in cash and cash equivalents on the unaudited Condensed Consolidated Balance Sheet.

We had $ 28.8 million in cash equivalents as of January 31, 2026, and $ 35.3 million in cash equivalents as of July 31, 2025.

Balances of accounts receivable, short-term investments and accounts payable approximated their fair values as of January 31, 2026, and July 31, 2025, due to the short maturity and nature of those balances.

We had $ 46.2 million in cash equivalents as of April 30, 2026, and $ 35.3 million in cash equivalents as of July 31, 2025.

Balances of accounts receivable, short-term investments and accounts payable approximated their fair values as of April 30, 2026, and July 31, 2025, due to the short maturity and nature of those balances.

Debt is reported at outstanding face value, less unamortized debt issuance costs.

The estimated fair value of debt, including current maturities, was $ 40.8 million and $ 40.3 million as of January 31, 2026, and July 31, 2025, respectively.

The estimated fair value of debt, including current maturities, was $ 40.7 million and $ 40.3 million as of April 30, 2026, and July 31, 2025, respectively.

The fair value was estimated using the exit price notion of fair value and is classified as Level 2.

10 unchanged sentences

2026 July 31,

Payables $ 12,749 $ 13,036

Salaries, Wages, Commissions and Employee Benefits $ 14,933 $ 20,532

Payables 12,962 13,036

Trade Promotions and Advertising

Taxes 1,256 2,249

Freight 2,961 2,700

Taxes 1,687 2,249

Georgia Landfill Modification Reserve

13 unchanged sentences

("Prudential") and certain existing noteholders and purchasers affiliated with Prudential named therein.

Pursuant to the Note Agreement, (i) on May 15, 2020 , we issued $ 10 million in aggregate principal amount of our 3.95 % Series B Senior Notes due May 15, 2030 (the "Series B Senior Notes"), of which $ 5 million aggregate principal amount remained outstanding as of January 31, 2026, (ii) on December 16, 2021 , we issued an additional $ 25 million in aggregate principal amount of our 3.25 % Series C Senior Notes due December 16, 2031 (the "Series C Senior Notes"), all of which remained outstanding as of January 31, 2026, and (iii) on April 30, 2024 we issued $ 10 million in aggregate principal amount of our 6.47 % Series D Senior Notes due April 30, 2033 (the "Series D Senior Notes"), all of which remained outstanding as of January 31, 2026.

Pursuant to the Note Agreement, (i) on May 15, 2020 , we issued $ 10 million in aggregate principal amount of our 3.95 % Series B Senior Notes due May 15, 2030 (the "Series B Senior Notes"), of which $ 5 million aggregate principal amount remained outstanding as of April 30, 2026, (ii) on December 16, 2021 , we issued an additional $ 25 million in aggregate principal amount of our 3.25 % Series C Senior Notes due December 16, 2031 (the "Series C Senior Notes"), all of which remained outstanding as of April 30, 2026, and (iii) on April 30, 2024 we issued $ 10 million in aggregate principal amount of our 6.47 % Series D Senior Notes due April 30, 2033 (the "Series D Senior Notes"), all of which remained outstanding as of April 30, 2026.

The Note Agreement also provides us with the ability to request, from time to time until September 21, 2026 , that Prudential affiliate(s) purchase, at Prudential’s discretion and on an uncommitted basis, additional senior unsecured notes of Oil-Dri (the “Shelf Notes,” and collectively with the Series B Senior Notes, Series C Senior Notes, and Series D Senior Notes, the “Notes”) in an aggregate principal amount of up to $ 75 million minus the aggregate principal amount of Notes then outstanding and Shelf Notes that have been accepted for purchase.

11 unchanged sentences

and (v) increase certain restrictive covenant thresholds, including but not limited to, an increase to the permitted acquisitions threshold in the restricted covenants from a cumulative total of $ 45 million to $ 100 million.

As of January 31, 2026, and July 31, 2025, we were in compliance with the restrictive covenants under the Credit Agreement.

There were no new borrowings during the second quarter of fiscal year 2026.

As of January 31, 2026, we do not have any outstanding borrowings under the Credit Agreement.

We had $ 3.0 million of letters of credit outstanding under the Credit Agreement as of both January 31, 2026, and July 31, 2025.

As of April 30, 2026, and July 31, 2025, we were in compliance with the restrictive covenants under the Credit Agreement.

There were no new borrowings during the third quarter of fiscal year 2026.

As of April 30, 2026, we do not have any outstanding borrowings under the Credit Agreement.

We had $ 3.0 million of letters of credit outstanding under the Credit Agreement as of both April 30, 2026, and July 31, 2025.

The Credit Agreement states that we may select a variable interest rate based on either the Bank of Montreal ("BMO") prime rate or an adjusted Secured Overnight Financing ("SOFR")-based rate, plus a margin that varies depending on our debt to earnings ratio, or a fixed rate as agreed between us and BMO.

As of January 31, 2026, the variable rates would have been 6.75 % for the BMO prime-based rate or 5.06 % for the adjusted SOFR-based rate.

As of April 30, 2026, the variable rates would have been 6.75 % for the BMO prime-based rate or 5.06 % for the adjusted SOFR-based rate.

We have operating leases primarily for real estate properties, including corporate headquarters, customer service and sales offices, manufacturing and packaging facilities, warehouses, and research and development facilities, as well as for rail tracks, railcars and office equipment.

2 unchanged sentences

Further information about our accounting policy for leases is included in Note 1 of the Notes to the unaudited Condensed Consolidated Financial Statements.

We have no material finance leases, and variable costs for operating leases are immaterial for the six months ended January 31, 2026.

We have no material finance leases, and variable costs for operating leases are immaterial for the nine months ended April 30, 2026.

Operating lease costs are included in Cost of Goods Sold or SG&A expenses in the unaudited Condensed Consolidated Statements of Operations based on the nature of the lease.

The following table summarizes total lease costs for our operating leases (in thousands):

For the Three Months Ended January 31, For the Six Months Ended January 31,

For the Three Months Ended April 30, For the Nine Months Ended April 30,

2026 2025 2026 2025

2 unchanged sentences

Supplemental cash flow information related to leases was as follows (in thousands):

For the Three Months Ended January 31, For the Six Months Ended January 31,

For the Three Months Ended April 30, For the Nine Months Ended April 30,

2026 2025 2026 2025

4 unchanged sentences

Other supplemental balance sheet information related to leases was as follows:

January 31, 2026 July 31, 2025

April 30, 2026 July 31, 2025

Weighted-average remaining lease term - operating leases 4.6 years 4.8 years

Weighted-average discount rate - operating leases 5.18 % 5.12 %

Lease liability maturities as of January 31, 2026 are as follows (in thousands):

Fiscal year 2026 (remaining six months) $ 2,487

Lease liability maturities as of April 30, 2026 are as follows (in thousands):

Fiscal year 2026 (remaining three months) $ 1,210

Fiscal year 2027 4,331

18 unchanged sentences

Business to Business Products Group Retail and Wholesale Products Group

For the Six Months Ended January 31,

For the Nine Months Ended April 30,

Product 2026 2025 2026 2025

6 unchanged sentences

Business to Business Products Group Retail and Wholesale Products Group

For the Three Months Ended January 31,

For the Three Months Ended April 30,

Product 2026 2025 2026 2025

12 unchanged sentences

The corporate expenses line in the table below represents certain unallocated expenses, including primarily salaries, wages and benefits, purchased services, rent, utilities and depreciation and amortization associated with corporate functions such as information systems, finance, legal, human resources and customer service.

For the Six Months Ended January 31, 2026

For the Nine Months Ended April 30, 2026

(in thousands) Business to Business Products Group

14 unchanged sentences

Net Income $ 42,551

For the Six Months Ended January 31, 2025

For the Nine Months Ended April 30, 2025

(in thousands) Business to Business Products Group

14 unchanged sentences

Net Income $ 40,941

For the Three Months Ended January 31, 2026

For the Three Months Ended April 30, 2026

(in thousands) Business to Business Products Group

14 unchanged sentences

Net Income $ 14,526

For the Three Months Ended January 31, 2025

For the Three Months Ended April 30, 2025

(in thousands) Business to Business Products Group

10 unchanged sentences

Income from Operations 13,904

Total Other Expense, Net ( 1,222 )

Total Other Income, Net 344

Income Before Income Taxes 14,248

5 unchanged sentences

The asset allocation is estimated and is not a measure used by our chief operating decision maker about allocating resources to the operating segments or in assessing their performance.

January 31, 2026 July 31, 2025

April 30, 2026 July 31, 2025

(in thousands)

7 unchanged sentences

The total number of shares of stock subject to grants under the 2006 Plan may not exceed 3,439,000 .

As of January 31, 2026, there were 1,080,263 shares of Common Stock or Class B Stock available for future grants under this plan.

As of April 30, 2026, there were 1,074,344 shares of Common Stock or Class B Stock available for future grants under this plan.

Restricted Stock

All of our non-vested restricted stock as of January 31, 2026 was issued under the 2006 Plan with vesting periods generally between one and five years .

All of our non-vested restricted stock as of April 30, 2026 was issued under the 2006 Plan with vesting periods generally between one and five years .

We determined the fair value of restricted shares as of the grant date.

We recognize the related compensation expense over the period from the date of grant to the date the shares vest.

There were 62,500 and 82,550 restricted shares of Common Stock granted during the six months ended January 31, 2026, and 2025, respectively.

There were no restricted shares of Class B Stock granted during the six months ended January 31, 2026, and 2025.

Stock-based compensation expense was $ 1.0 million and $ 1.1 million for the three months ended January 31, 2026, and 2025, respectively, and was $ 2.1 million and $ 1.9 million for the six months ended January 31, 2026, and 2025, respectively.

There were 73,400 and 135,850 restricted shares of Common Stock granted during the nine months ended April 30, 2026, and 2025, respectively.

There were no restricted shares of Class B Stock granted during the nine months ended April 30, 2026, and 2025.

Stock-based compensation expense was $ 1.0 million for the three months ended April 30, 2026, and 2025, and was $ 3.1 million and $ 2.9 million for the nine months ended April 30, 2026, and 2025, respectively.

A summary of restricted stock transactions is shown below:

5 unchanged sentences

Forfeitures ( 4 ) $ 36.82

Non-vested restricted stock outstanding at January 31, 2026 589 $ 34.01

Non-vested restricted stock outstanding at April 30, 2026 589 $ 34.66

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in accumulated other comprehensive income (loss) by component as of January 31, 2026 (in thousands):

The following table summarizes the changes in accumulated other comprehensive income (loss) by component as of April 30, 2026 (in thousands):

Postretirement Health Benefits Cumulative Translation Adjustment Total Accumulated Other Comprehensive Income (Loss)

3 unchanged sentences

Net current-period other comprehensive (loss) income, net of tax ( 64 ) 71 7

Balance as of January 31, 2026 $ 1,162 $ ( 87 ) $ 1,075

Balance as of April 30, 2026 $ 1,141 $ ( 165 ) $ 976

RELATED PARTY TRANSACTIONS

One member of our Board is currently the President and Chief Executive Officer of one of our vendors.

Total payments to this vendor for fees and cost reimbursements were $ 0.1 million and $ 0.2 million for the three months ended January 31, 2026 and January 31, 2025, respectively, and $ 0.8 million and $ 0.5 million for the first six months of fiscal years 2026, and 2025, respectively.

There were no outstanding accounts payable due to that vendor as of either January 31, 2026, or July 31, 2025.

Total payments to this vendor for fees and cost reimbursements were $ 0.1 million and $ 0.5 million for the three months ended April 30, 2026 and April 30, 2025, respectively, and $ 0.8 million and $ 1.0 million for the first nine months of fiscal years 2026, and 2025, respectively.

There were no outstanding accounts payable due to that vendor as of either April 30, 2026, or July 31, 2025.

One member of our Board retired from the role of President and Chief Executive Officer of a customer of ours on September 28, 2019, and was party to a post-employment consulting agreement with the customer until September 30, 2025.

Total sales to that customer, including sales to its subsidiaries, were $ 0.1 million for both the three months ended January 31, 2026, and January 31, 2025, and $ 0.1 million and $ 0.2 million for the first six months of fiscal years 2026 and 2025, respectively.

There were no outstanding amounts due from that customer as of either January 31, 2026, or July 31, 2025.

Total sales to that customer, including sales to its subsidiaries, were $ 0.1 million for both the three months ended April 30, 2026, and April 30, 2025, and $ 0.2 million and $ 0.3 million for the first nine months of fiscal years 2026 and 2025, respectively.

There were no outstanding amounts due from that customer as of either April 30, 2026, or July 31, 2025.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements